Using price as a pretext to stop buybacks is fundamentally flawed. First, the true purpose of buybacks is to reduce circulating supply, not to artificially inflate the price. Price is primarily determined by market supply and demand and the project's fundamentals. Therefore, buybacks are generally beneficial to token holders; you can think of it as a periodic deflationary model, but it doesn't guarantee a price increase. Buybacks should continue unanimously, rather than focusing on the cost. Of course, optimizing the buyback strategy is feasible, such as increasing buybacks when prices are relatively low and decreasing them when the market is overheated.

Buybacks must have a purpose; otherwise, just distribute dividends directly. Buybacks are merely a tool; aimless, one-way, predictable buybacks are like giving away money.

From a mechanism perspective, dividends are indeed better than buybacks. Most projects do not distribute dividends because of regulatory issues. Buybacks only have one purpose: to reduce supply. Other reasons are just stories told to retail investors.

Simply reducing supply is pointless; prices aren't determined by retail investors, but by liquidity. If you really only have retail investors, it's all for naught; there won't be any major players left.

Buybacks are not directly related to price. However, they benefit token holders, just as excessive issuance harms them. It's very simple and easy to understand. Introducing price discussions only complicates a simple issue. Price isn't determined by a single factor; how could a buyback necessarily lead to a price increase?

The biggest problem he needs to solve right now is the severe drop in JUP's liquidity and trading volume. His trading volume is essentially equivalent to all holders paying a discount; price is no longer important. You can't get a low discount on the unvested portion over the OTC market. He just didn't say it explicitly. If he had, it would be that if he hadn't solved the liquidity problem with his 70M holdings, any selling would simply be eaten up by arbitrageurs.